Iceland Moves To Bitcoin

As reported in several stories on RÚV today, Iceland has announced plans to move its monetary standard to one backed by Bitcoin, and utilize its almost inexhaustible geothermal power to run servers mining for Bitcoins. The government will continue to issue króna banknotes and coins, but beginning in 2014 they will be backed in part by its Bitcoin reserves, with the plan of being completely on the Bitcoin standard by 2020.